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A trusted economic commentator provides a penetrating account of the threats to China's continued economic rise

Under President Xi Jinping, China has become a large and confident power both at home and abroad, but the country also faces serious challenges. In this critical take on China’s future, economist George Magnus explores four key traps that China must confront and overcome in order to thrive: debt, middle income, the Renminbi, and an aging population. Looking at the political direction President Xi Jinping is taking, Magnus argues that Xi’s authoritarian and repressive philosophy is ultimately not compatible with the country’s economic aspirations.

Thorough and well researched, the book also investigates the potential for conflicts over trade, China’s evolving relationship with Trump, and the country’s attempt to win influence and control in Eurasia through the Belt and Road initiative.

George Magnus is an associate at the China Centre at Oxford University, research associate at the School of Oriental and African Studies, and formerly chief economist of UBS. He has written extensively about China in the Financial Times, Prospect, and other economic and financial publications.

“George Magnus offers a forensic take on why the Chinese economy will continue to be bedevilled by politics and why it matters.”—Isabel Hilton, New Statesman

“Magnus offers the vision of a dispassionate outsider on the state of China” — Martin Wolf, Financial Times (Books of the Year 2018)

"For insight into the dilemmas and decisions China’s leaders, notably Xi Jinping, will face in the next decades, it would be hard to beat Red Flags."—Diane Coyle, author of GDP: A Brief but Affectionate History

"An excellent, tightly argued and fluently written analysis of the challenges that lie behind the China Dream."—Jonathan Fenby, author of Will China Dominate the 21st Century?

"An immensely important and powerful book from one of our premier commentators on economics."—Rana Mitter, author of China’s War with Japan, 1937–1945

"A nuanced, historically informed and highly readable account of why we should never be complacent about the People’s Republic."—Kerry Brown, author of CEO, China

"Compelling, ominous and thought-provoking, George Magnus has written a book that should be essential reading for anyone trying to make sense of what is happening in China— and why it will have a global impact."—Peter Frankopan, author of The Silk Roads